世界十大高楼（2）

Part II. Accounting Information Usefulness and Market Efficiency

1. Market Efficiency Theory

　(1) Long-horizon tests of market efficiency (1 class)

Ritter, Jay, 1991, "The long-term performance of initial public offerings, " Journal of Finance 46, 3-27.

Loughran, T. and Jay Ritter, 1995, "The new issues puzzle," Journal of Finance 50, 23-51.

Fama, Eugene F., 1998, "Market efficiency, long-term returns, and behavioral finance, " Journal of Financial Economics 49, 283-306.

Teoh, Siew Hong, Ivo Welch, and T.J. Wong, 1998, "Earnings management and the long-run market performance of initial public offerings, " Journal of Finance 53, .

Kothari, S.P. and Jerold B. Warner, 1997, "Measuring long-horizon security price performance, " Journal of Financial Economics 43, 301-339.

Barber, Brad M. and John D. Lyon, 1997, "Detecting long-run abnormal stock returns: The empirical power and specification of test statistics," Journal of Financial Economics, 341-372.

Mitchell, Mark L. and Erik Stafford, 1999, "Managerial decisions and long-term stock price performance, " forthcoming in the Journal of Business.

　(2) Market efficiency: The concept and some recent evidence

Beaver, William H., "Market Efficiency, " in Financial Reporting: An Accounting Revolution (2nd Edition, 1998): 130-175.

Bernard, V. L. and J. Thomas, "Post-Earnings-Announcement Drift: Delayed Price Response or Risk Premium," Journal of Accounting Research (Supplement 1989): 1-36.

Bernard, V. L., and J. Thomas, "Evidence that Stock Prices Do Not Fully Reflect the Implications of Current Earnings for Future Earnings," Journal of Accounting and Economics (December 1990): 305-340.

Bernard, Victor L., "Stock Price Reactions to Earnings Announcements: A Summary of Recent Anomalous Evidence and Possible Explanations," in Advances in Behavioral Finance, R. Thaler, Editor (Russell Sage Foundation: New York, 1993): 303-340.

Bernard, Victor L., Jacob K. Thomas, and Jeffery S. Abarbanell, "How Sophisticated is the Market in Interpreting Earnings News?" Journal of Applied Corporate Finance (Summer 1993): 54-63.

Fama, Eugene F., "Efficient Capital Markets: II," Journal of Finance, (December 1991): 1575-1618.

　(3) Market efficiency with respect to detailed financial statement data

Ball, Raymond J., "The Earnings-Price Anomaly," Journal of Accounting and Economics (June/September 1992): 319-346.

Hand, John R. M., "A Test of the Extended Functional Fixation Hypothesis," The Accounting Review (October 1990): 739-763.

Holthausen, Robert W., and David F. Larcker, "The Prediction of Stock Returns Using Financial Statement Information," Journal of Accounting and Economics (June/September 1992): 373-412.

Ou, Jane A., and Stephen H. Penman, "Financial Statement of Analysis and the Prediction of Stock Returns," Journal of Financial Economics (November 1989): 295-330.

Sloan, Richard G., "Do stock prices fully reflect information in accruals and cash flows about future earnings," The Accounting Review (July 1996): 289-315.